GBPUSD Analysis - 30 Nov 2010

GBPUSD - Daily chart Analysis

Current price is sitting on previous S&R. No trade setup at the moment. Be patience and let the market tell us the direction. 1.5500 is the key price to watch CLOSELY.

I've identified the trading range for M30. No trade setup at the moment as price is testing previous strong support.

GBPUSD Trade

EP : 1.5610

TP : 1.5530

SL : 1.5650

Saw this setup after price failed to close above previous resistance at 1.5650. With a bearish engulfing candlestick together at 50% fibonacci retracement level, i set a pending sell order and trade got triggered within minute.

Trade update, 9.30pm: closed 50% of profit and set SL to BE.

Trade update, 9.48am: SL hit at +40pips for the remaining of 50% size @ 17.43 GMT

Total pips: 40pips

USD INDEX

Current price is hitting it previous support which turned resistance now. It is also at 61.8% fibonacci level. Breaking up will shown sign of bull strength else the bear will come in again.

Trading Time Frame

For reference only.

GBPUSD Analysis - 29 Nov 2010

GBPUSD Daily Chart Analysis

Friday closing broke the previous support @ 1.5650 which shown sign of bearish movement. However, we need to see further price closing below 1.5500 to test the bullish TL.

Immediate resistance will be around 1.5630 ( pink line)

Next resistance will be 1.5820 range ( yellow bar)

Next support will be 1.5520 range ( cyan bar)

GBPUSD Analysis - 26 Nov 2010

EP : 1.5720

SL : 1.5750

TP : 1.5660

RRR 1:2

Saw this inverted hanging man formed after price rejected at previous resistance. Immediately i set pending sell @ 1.5720. Within minute, the trade got triggered.



Moved my SL to 1.5690 when i am 50pips in the money.

6pm : trade closed with 30pips profit

GBPUSD Analysis - 25 Nov 2010

Price failed to break the high of yesterday during Asian time when London opened which clearly shown a bearish day. Currently price is sitting on the previous support level and it might go up to retest 1.5835 with next to 1.5950 if the support hold.

If price was to break below the support level of 1.5750, next support level will be 1.5700 followed by 1.5650. If that were to be happened, most likely we will be seeing her going south further.

Major trend is up. Immediate trend is down (retracement)

Immediate Support level : 1.5750
Immediate Resistance level : 1.5835



Spotted a doji followed by red bearish candle and place a pending sell order.

EP : 1.5775

SL : 1.5800

TP : 1.5725

RRR 1 : 2

Moved SL to 1.5750 when i was about 40pips in the money. Missed the TP by 0.2pips else i would have hit it. After that price went back up and hit my SL.

Profit: 25 pips

GBPUSD Analysis - 24 Nov 2010

Trading range

Current trading price will be within the pink channel.



Pending buy order: 1.5810

SL: 1.5750
TP: 1.600
RRR: 1:3

Trade triggered but hit SL
Loss: -60pips

GBPUSD Analysis - 23 Nov 2010

Based on daily chart

Major Trend Direction: Up

Based on H3 chart

Price is currently around 61% fibonacci retracement level which happen to be on the trendline too. Strong support can be seen at 1.5890 - 1.5900. If price were to close below these support level then the next level she might try will be around 1.5850 follow by 1.5800.

Introduction

After trading for few months, i've decided to keep track each of my closed trades inorder to improve my trading skill. First of all, i only trade on GBPUSD also known as cable or sterling because i like the volatility of this pairs. I do not use any indicators. Fibonacci retracement is the only tool that i used on my chart together with trendlines, previous S&Rs drawn clearly on my chart. Trendlines, S&R and fibonacci retracement are plotted on D1 & H3. I look for setup using M30.